Maconomy grows US revenue 20% in Q1 2009

BOSTON--(EON: Enhanced Online News)--Maconomy, the international supplier of ERP solutions for Professional Services Organizations (PSO), continued its growth in the US in Q1 2009. With a 20% growth in first quarter revenue year on year in the US, Maconomy continues to expand its footprint in North America. Global revenue decreased by 2% (after exchange rate adjustments) to USD 9.3 million however EBITDA improved in the first quarter of 2009 to a loss of USD 0.1 million from a loss of USD 0.9 million in the first quarter of 2008, in line with expectations.

“Already last year we decided to devote the first half of 2009 to focus on our core business, deferring major strategic investments to the second half of the year. We believed that strong operational control would best guide us through a period in which decision-makers are adjusting to economic uncertainties and assessing the impact on their business. It is very satisfying to see that this approach has improved our bottom-line significantly”, says Steen Andersen, President, Maconomy US.

“We are very happy that we have managed to grow the Maconomy US revenue 20% despite difficult market conditions in the first quarter of 2009. In conversations with our clients and prospects it is clear that there is an appetite for optimizing processes and improving business solutions to help Professional Services Organizations getting through this challenging economic climate. We begin to see a focus back on business solutions and ERP systems but the market has generally been characterized by longer decision cycles. With license growth in Q1, the addition of a new large 500+ user agency in the US, and a pipeline larger than ever before, we are cautiously optimistic about the outlook for the remainder of the year”, Steen Andersen continues.

Based on the activity level in the first quarter of 2009 and a solid pipeline, Maconomy maintains its expectations for 2009.